MONTREAL (Reuters) – Canadian Prime Minister Mark Carney announced on Sunday a new federal agency supported by an initial C$13 billion ($9.39 billion) in capitalization to build affordable housing, following campaign promises to bolster residential construction.

“We’re in a housing crisis,” Carney told reporters in Nepean, Ontario. “And it’s going to take all hands on deck to get us out of it.”

The agency, called Build Canada Homes, will construct affordable housing for low-income households and work with private developers to build homes aimed at the middle class, Carney said.

Carney’s ruling Liberal party has pledged to improve affordability and reduce homelessness while increasing home construction. High housing costs hurt the approval rating of his Liberal predecessor, former Prime

See Full Page